Q:
How do I get started?
A:
Fill out the application form and/or phone (1-877-943-2777) for your FREE consultation. Have your creditor’s information or credit bureau ready, and we will be happy to assist you immediately.
Q:
What happens after I submit my information?
A:
One of our consultants will contact you within the next business day and will discuss your options with you.
Q:
How is our service different from Consumer Credit Counselling?
A:
The most important difference is how it is reported on the credit bureau. All credit counselling programs or consumer proposals are reported as an R7 and this stays on your bureau for two or three years from the date of conclusion of the program. Our program actually allows an individual the opportunity to bring some accounts back to current. The other difference is the cost. As MCC charges a one-time membership fee, all payments towards settlements are made directly by you and go 100% towards your debt.
Q:
How will the calls stop?
A:
We will provide your creditors with a notice of consent and representation and a cease and desist order. This will ensure that all calls stop within 48 hours.
Q:
What type of documentation and information do I need to provide?
A:
Very little is required. You do not need to worry about sending in account statements or past-due notices. To get started, all we need is your creditor’s information and their fax and mailing address.
Q:
What is debt settlement?
A:
It is a negotiation process, where a third party negotiates a reduced payout amount for an outstanding debt.
Q:
How much does debt settlement cost?
A:
Debt settlement is included in your membership. We will negotiate the amount, and you will pay the creditor or collection agency the negotiated amount.
Q:
How does debt settlement affect my credit?
A:
Debt settlement does negatively affect your credit; however, if it is negotiated properly, this impact can be very minimal. Resolving an account even through debt settlement is still much better than not doing anything and having the derogatory report month after month as outstanding.
Q:
Why should I not just file bankruptcy?
A:
Bankruptcy should be a last resort. Resolving your debt through negotiation will raise your credit score in the long run.
Q:
Why will creditors lower interest rates and payments and waive fees for MCC and not me?
A:
As credit industry specialists we know the tactics that collection agencies use to get people to pay more than they can afford.
Q:
What is unsecured debt?
A:
A debt that is not secured against an asset or property. In the event that an account goes into default, there isn’t an asset that becomes forfeit in order to cover the outstanding balance. Credit cards are common examples.
Q:
What is secured debt?
A:
This type of debt is the result of money loaned on collateral, which might come in the form of the home or other assets, such as your car. If the borrower neglects to pay off according to the terms agreed, the lender can repossess that collateral from the borrower without an additional court action.
Q:
How will our Credit Repair Program boost my credit score?
A:
Within the first three months, you will start repairing your credit score, even if you were delinquent on multiple accounts. Our process will ensure that you meet all of your credit score goals.
